Toronto has jumped to third spot on a list of global powerhouses
Toronto has jumped to third spot on a list of global powerhouses as one of the best cities to live and work, according to PwC’s latest Cities of Opportunity 7 report.
Their study, which is conducted every two years, looks at thirty cities and compares them against an extensive set of indicators and variables, with a close look at the social and economic qualities that make cities prosper.
In 2014, Toronto placed fourth on the list of global powerhouses, but the jump of one position, behind London (1) and Singapore (2), can be attributed to steady improvements in several categories, as well as consistent performance in others.
This year, Toronto took top spot in Quality of Life, second in Health, Safety and Security, fourth in Ease of Doing Business, and fifth in Entrepreneurial Environment.
But it’s not all sunshine and lollipops.
The report notes several challenges that the city faces, transportation being one of them. Toronto ranked twelfth in Transportation and Infrastructure, thanks to ongoing struggles with congestion, ease of commute and mass transit coverage.
“It makes us proud to see Toronto performing so well against many of these renowned global cities. Toronto’s strong performance in metrics related to quality of life and economic potential are consistent with the realities of a city that has been internationally recognized for its cultural diversity, growing community of entrepreneurs, and accessible health care system, social services and education.” – Raj Kothari, Managing Partner, Greater Toronto, PwC Canada.
Another bright spot for Toronto? Placing ninth in Technology Readiness. Kothari says this highlights an opportunity to improve in areas such as Digital Security (#10), Broadband Quality (#14) and Software Development & Multimedia Design (#23).
“By 2050, more than 2.5 billion people are expected to move into urban centres, making cities home to 69% of the world’s population, compared with 55% today. Toronto’s population of 6.6 million is also expected to grow by nearly 3 million over the next 10 years. Rapid urbanization of this nature will have a profound impact on our environment, connective infrastructure, economic prosperity and social system. To support this growth, we need to engage in strategic public-private partnerships and re-examine traditional governance and investment models to create a truly advanced urban ecosystem.”